Verge Buy on a Breakout Approach
Verge corrected down by 88% since it reached the all-time high at $0.292, and has found the bottom at $0.034. The RSI oscillator formed a bullish divergence suggesting the reversal of the trend.
However, a strong resistance is based near $0.07 area and the break above is required in order for XVG/USD to grow further. If/when Verge will break and close above this resistance the next potential upside target would be at 38.2% Fibonacci retracement level, that is $0.13 area.
$0.13 resistance, should provide a key clue as to the further Verge price development and if broken, the long-term uptrend should be the case.
In any case, let’s not forget that first, $0.07 resistance must be broken, and if rejected, the price could move back down to the $0.034 support and even lower.